The House Financial Services Committee has urged the Federal Insurance Office to submit “long overdue reports without further delay,” as required under the Dodd-Frank Act.
Overdue FIO reports include an annual report to Congress, due in 2011, on actions taken to anticipate state laws under a global insurance agreement, a report due last September regarding global reinsurance markets, a report due last month on the review of the Nonadmitted Reinsurance Act and another report, which is more than one year late, on the modernization of insurance regulation, Property Casualty 360 reports.
“[The] Committee will work to ensure that the FIO is focused on developing expertise on insurance matters and does not impose unwarranted or excessive data collection burdens on the insurance sector or on small insurers in particular,” HFSC Chairman Jeb Hensarling said, according to Insurance Networking News. “The Committee will also monitor implementation of the FIO’s authority to coordinate policy and represent the U.S. on international insurance issues, paying particular attention to FIO’s role in addressing a number of substantive and procedural concerns surrounding the International Association of Insurance Supervisors’ methodology for designating global systemically important insurers.”
U.S. Treasury Under Secretary for Domestic Finance Mary Miller mentioned the late reports before the Senate Banking Committee last week.
“FIO will soon release its first annual report on the insurance industry and its report on how to modernize and improve the system of insurance regulation in the United States,” Miller said, Insurance Networking News reports. “FIO is working diligently to release these and several other reports in the coming months.”
The FIO met with industry groups, consumer advocate organizations and state regulators several years ago to gather comments on the issues, and many participants are anxious to see how FIO Director Michael McRaith and the office staff handle their input. McRaith vowed to be “prolific” in the reports, and given that the reports are long overdue, it is expected that he made good on his promise.